MiDA News - maiden edition

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Millennium Development Authority Quarterly Newsletter Vol. 1 MiDA APPOINTS INTERNATIONAL FINANCE (IFC) CORPORATION AS PSP TRANSACTION ADVISOR The Millennium Development Authority (MiDA), in July 2015, signed an agreement to engage the International Finance Corporation (IFC) of the World Bank Group as the transaction advisor for the Private Sector Participation (PSP) activity in Electricity Company of Ghana (ECG). The PSP in ECG is one of five activities under the ECG Financial and Operational Turnaround (EFOT) Project in the Ghana Power Compact. As transaction advisor, IFC is expected to (among others) conduct a due diligence of ECG and the PSP Transaction, and produce the tender document for a concessionaire to be chosen on international competitive basis. MiDA CEO, Ing. Owura Kwaku Sarfo, signed on behalf of MiDA while Ronke Ogunsulire, IFC Country Manager for Ghana signed for her organisation. Ing. Owura K. Sarfo, CEO of MiDA in a handshake with Ms. Ronke Ogunsulire, IFC country manager for Ghana after the signing 14
Millennium Development Authority Quarterly Newsletter Vol. 1 Second Policy Decision makers workshop The second workshop for policy decision makers for the ECG PSP transaction was held at the Tang Palace Hotel in Accra. This followed an earlier workshop held on August 10, 2015. The workshop, which was organized by the Reform Unit of MiDA, was intended to introduce policy decision makers, from various institutions associated with Ghana’s power sector, to the key decision areas that would require sign off from Government. The workshop was also to apprise the decision makers of progress made in the contract with IFC. The key stakeholders that attended the workshop were Ms Mona Quartey, the Deputy Minister for Finance, Mrs. Della Sowah, Deputy Minister for Gender Children and Social Protection, and the board members and management members of ECG. Other institutions present include the Public Utilities and Regulatory Commission (PURC), the Energy Commission (EC), Attorney General’s Department, Public Utilities Workers’ Union (PUWU) representing staff of ECG, and the board of MiDA represented by its chairman Professor Samuel Sefa-Dedeh. The workshop was facilitated by Ing. Owura Sarfo, CEO of MiDA, with the International Finance Corporation (IFC), the transaction advisors for the Government of Ghana on the PSP leading in presenting the various options for consideration in structuring the transaction agreement for the PSP of ECG. Transaction structuring issues discussed at the workshop related to ownership in the Concessionaire. Other strategic issues such regulation of tariffs, bid parameters and selection criteria for the tender, key performance indicators for the concession agreement, restructuring of ECG, and government’s support requirements for the transaction were discussed in much detail. The presentations showed various PSP arrangements in Africa and other parts of the world, dwelling on the UMEME example in Uganda as a successful PSP. distill their preferences which would be incorporated in the transaction structuring report. The Transaction Structuring Report would present the Government of Ghana with various options for the PSP transaction. A decision would be taken on Ghana’s preferred option for the concession agreement. Mr. Michael Awuah, Reform Unit Manager believes the workshop was successful, considering that almost all invited officials were present. “We had a lot more people contributing ideas and asking questions. These are the people who ultimately will be taking the decisions,” He said. See pg 16 for photos on the event KNOW YOUR COMPACT 2 ABBREVIATIONS CIF - Compact Implementation Fund PIA - Program Implementation Agreement PSP - Private Sector Participation FASA - Financial Advisory Services Agreement ESMS - Environmental and Social Management System ESIA - Environmental and Social Impact Assessments ESMP - Environmental and Social Management Plans RPF - Resettlement Policy Frameworks RAP - Resettlement Action Plans ERR - Economic Rate of Return IPP - Independent Power Producer LNG - Liquefied Natural Gas REOI - Request for Expression of Interest RfQ - Request for Qualification RfP - Request for Proposal ITT - Indicator Tracking Table From the presentations, participants were expected to 15
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